Syndax Pharmaceuticals Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

Syndax Pharmaceuticals announced an inducement award for its new Chief Medical Officer, Dr. Catherine Madigan, granting her the option to purchase 180,000 shares of common stock at an exercise price of $16.06, equal to the closing stock price on March 1, 2022. This option will vest over four years, with a quarter vesting after one year and the remainder vesting monthly after that. The award, approved by Syndax's Board of Directors, complies with NASDAQ Listing Rule 5635(c)(4). Syndax is developing a pipeline of innovative cancer therapies including SNDX-5613 and axatilimab.

Positive

• Dr. Catherine Madigan was appointed as Chief Medical Officer, indicating a strengthening of the leadership team.
• The stock option award aligns executive compensation with shareholder interests.

Negative

• None.

WALTHAM, Mass., March 4, 2022 /PRNewswire/ -- Syndax Pharmaceuticals, Inc. ("Syndax," the "Company" or "we") (Nasdaq: SNDX), a clinical-stage biopharmaceutical company developing an innovative pipeline of cancer therapies, today announced that in connection with the hiring, announced on March 1, 2022, of Catherine Madigan, M.D., as Chief Medical Officer, Dr. Madigan received an inducement award to purchase up to 180,000 shares of common stock. The stock option has an exercise price per share of $16.06, the closing price of the Company's common stock on the Nasdaq Global Select Market on March 1, 2022 and will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the vesting commencement date and 1/48th of the underlying shares vesting monthly thereafter over 36 months, subject to Dr. Madigan's continued service relationship with Syndax through the applicable vesting dates. Syndax's Board of Directors approved the award as inducement material to Dr. Madigan's employment in accordance with NASDAQ Listing Rule 5635(c)(4).

About Syndax Pharmaceuticals, Inc.

Syndax Pharmaceuticals is a clinical stage biopharmaceutical company developing an innovative pipeline of cancer therapies. The Company's pipeline includes SNDX-5613, a highly selective inhibitor of the Menin–MLL binding interaction, axatilimab, a monoclonal antibody that blocks the colony stimulating factor 1 (CSF-1) receptor, and entinostat, a class I HDAC inhibitor. For more information, please visit www.syndax.com or follow the Company on Twitter and LinkedIn.

Syndax Contacts

Investor Contact
Melissa Forst
Argot Partners
melissa@argotpartners.com
Tel 212.600.1902

Media Contact
Benjamin Kolinski
benjamin.kolinski@gcihealth.com  
Tel 862.368.4464

SNDX-G

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SOURCE Syndax Pharmaceuticals, Inc.

FAQ

What inducement award did Syndax Pharmaceuticals grant to Dr. Catherine Madigan?

Syndax granted Dr. Catherine Madigan an inducement award to purchase 180,000 shares of common stock at an exercise price of $16.06.

How will the stock option for Dr. Madigan vest?

The stock option will vest over four years, with 25% vesting after one year and the remaining 1/48th vesting monthly over the next 36 months.

What is the significance of NASDAQ Listing Rule 5635(c)(4) for Syndax's inducement award?

The award complies with NASDAQ Listing Rule 5635(c)(4), which governs inducement grants to attract and retain key personnel.

What pipeline therapies is Syndax developing?

Syndax's pipeline includes SNDX-5613, axatilimab, and entinostat, targeting various aspects of cancer treatment.

When was Dr. Catherine Madigan's appointment as Chief Medical Officer announced?

Dr. Catherine Madigan's appointment was announced on March 1, 2022.